Episode summary
Powell Says No Plans to Leave Fed Until Investigation Over | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 35 min · Hosts: Carol Massar, Tim Stenovec · Guests: Greg Peters, Tarek Mansour, Denitsa Tsekova, Hendi Susanto, Jennifer Welch
Summary
Fed Chair Jerome Powell’s decision to stay at the central bank until the Justice Department’s investigation is finished was treated as the day’s biggest market surprise. The host and Greg Peters said Powell’s explicit “no intention of leaving” message removed a hanging uncertainty and reinforced the market’s read that rates may stay higher for longer, even as officials left rates unchanged and raised both growth and inflation forecasts.
The show also dug into the legal fight over prediction markets, with Kalshi CEO Tarek Mansour arguing Arizona’s criminal charges were a “total overstep” and insisting the issue is federal preemption, not gambling. Bloomberg’s Denitsa Tsekova said the hardest problem for the industry remains public perception, since sports-related contracts dominate activity and courts will likely decide whether these platforms are exchanges or gambling businesses.
A later segment focused on Micron’s strong results and the AI memory cycle. Hendy Susanto said pricing power remains favorable because supply is constrained, capacity expansion is limited in 2026, and new supply may not arrive until 2027. Jennifer Welch then shifted the focus to geopolitics, saying attacks on Gulf energy infrastructure and Iran’s leverage over shipping routes could keep risk elevated for at least another week or two.
Key takeaways
- Greg Peters said Powell’s statement was a market mover because it signaled rates could stay higher for longer.
- The host and Denitsa Tsekova said prediction markets face their biggest legal risk from public perception that they look like gambling.
- Tarek Mansour argued Arizona’s charges are a political overstep and said Kalshi will fight them in court.
- Hendy Susanto said Micron is still in the early innings of the memory cycle, with pricing trends likely to stay favorable through the June quarter.
- Jennifer Welch said the Iran-Israel conflict is keeping Gulf energy infrastructure and shipping routes under continued threat.
Notable quotes
“I have no intention of leaving the board until the investigation is well and truly over with transparency and finality”
“these charges have nothing to do with uh gambling or the merits”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy.
Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio. Carol Masser, Tim Stanbec, live here at Bloomberg headquarters in New York City.
Uh just minutes away from that closing bell. We've got stocks lower, US yields are higher as Fetcher Jay Powell said higher energy prices will push up overall inflation. And as expected, the Fed leaving interest rates unchanged once again here, Tim.
Yeah, continue to expect one rate cut this year due to increased uncertainty from the war in the Middle East. I think the big takeaway that I had was just how muddled of a view — Yeah. — Everybody on the FOMC has moving forward.
It's just like us. — Truly, — There's a lot of — Like us and everybody we talked to.
There's a lot of unknowns. We should point out officials raised both their growth and inflation forecast for the year. Fed Governor and Trump ally, I think it's safe to say Fed Governor Steven only to center at this meeting.
And I feel like we kind of buried the lead. Here's Fed Chair Jay Powell at the press conference. I have no intention of leaving the board until the investigation is well and truly over with transparency and finality.
And I would refer you to the statement that was in the Fed's brief that you will all have seen and I won't have anything more for you on that. On the question of whether I will then continue to serve as a governor after my term ends and after the investigation is over.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- powell fed investigation
- doj subpoenas
- interest rates politics
- kalshi exchanges
- micron earnings
Companies and tickers mentioned
- PRU
- GAMR
- GAM
- MU
- Kalshi
- PGIM Fixed Income
- Gabelli Funds
- Micron Technology
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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